The group noted that adjusted EBITDA increased by 58% year-on-year to $2.7m, compared to $1.7m in Q1 2021. Cash increased by 7% to $17.2m, while total long-term debt decreased from $60.5m to $60.2m.
“We got off to a good start for 2022,” said Galaxy Gaming President and CEO Todd Cravens. “Even though some of our high-end customers in London remain affected by worldwide travel disruptions, we had record gross revenues of $6.7m in the quarter. In the land-based sector, our new baccarat games are being well-received.
“Our iGaming business continues to grow, with iGaming gross revenues of $2.8m in Q1, an increase of 58% from Q1 2021 and 35% from Q4 2021. In both the land-based and iGaming sectors, we have new games and other products that will be launched later this year, and we’re optimistic that operators and players will support them.”
The developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming content recently launched its new table game progressive operating system, Triton Casino Systems, building on its precursor, the Bonus Jackpot System.
Galaxy Gaming CFO Harry Hagerty commented: “We expect to continue to build cash over the course of the year to keep net leverage as low as possible. Total Net Leverage is the only financial covenant in our Fortress loan, and we were comfortably in compliance with that covenant at quarter-end.”
